11-9-1. Definition of terms. Terms used in this chapter mean:

(1) "Department," the Department of Revenue;

(2) "District," a tax increment financing district;

(3) "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality;

(4) "Grant," the transfer of money or property to a transferee for a governmental purpose that is not a related party to or an agent of the municipality;

(5) "Municipality," any incorporated city or town in this state and, for purposes of this chapter only, any county in this state;

(6) "Planning commission," a planning commission created under chapter 11-6 or a municipal planning committee of a governing body of a municipality that has no planning commission or, if the municipality is a county having no planning commission or planning committee, the board of county commissioners;

(7) "Project plan," the properly approved plan for the development or redevelopment of a tax increment financing district including all properly approved amendments to the plan;

(8) "Tax increment financing district," a contiguous geographic area within a municipality defined and created by resolution of the governing body;

(9) "Taxable property," all real and personal taxable property located in a tax increment financing district;

(10) "Tax increment valuation," is the total value of the tax increment financing district minus the tax increment base as determined pursuant to § 11-9-19.Source: SL 1978, ch 91, § 1; SL 1991, ch 114, § 1; SL 1992, ch 60, § 2; SL 1996, ch 69, § 16; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2011, ch 73, § 1; SL 2018, ch 70, § 7.